As POA how do I collect monies from a written contract for a loan that was defaulted on?
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As POA how do I collect monies from a written contract for a loan that was defaulted on?
My mother was a co-signer on a loan for her ex-husband, and used her retirement funds as collateral. Donald (the ex) defaulted on the loan and the terms of their written contract and my mother lost her retirement monies. The written contract was never notarized, and we are approaching statute of limitations (which I am under the impression is seven years for written contracts). Also, I am in a different state. How do I correct this and get my mother’s monies back?
Asked on February 16, 2012 under Bankruptcy Law, Utah
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Please seek legal help as soon as you possibly can here. The statute of limiations in the state of Utah for a written contract is 6 years. But because I can not tell when the cuase of action accrued - began to run - I can not tell if the statute has already run here. It is 6 years from the breach not the contract dte so I am hoping that you calculated incorrectly. Good luck.
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